The accelerating investment in artificial intelligence has vast implications for economic and cognitive development globally. However, AI is currently dominated by an oligopoly of centralized mega-corporations, who focus on the interests of their stakeholders. There is a now universal need for AI services by businesses who lack access to capital to develop their own AI services, and independent AI developers lack visibility and a source of revenue. This uneven playing field has a high potential to lead to inequitable circumstances with negative implications for humanity. Furthermore, the potential of AI is hindered by the lack of interoperability standards. The authors herein propose an alternative path for the development of AI: a distributed, decentralized, and democratized market for AIs run on distributed ledger technology. We describe the features and ethical advantages of such a system using SingularityNET, a watershed project being developed by Ben Goertzel and colleagues, as a case study. We argue that decentralizing AI opens the doors for a more equitable development of AI and AGIt will also create the infrastructure for coordinated action between AIs that will significantly facilitate the evolution of AI into true AGI that is both highly capable and beneficial for humanity and beyond.